About the Data Quality Reports
The Global Legal Entity Identifier Foundation (GLEIF) publishes monthly data quality reports, which summarize the results of GLEIF’s assessment of the level of data quality in the Global Legal Entity Identifier (LEI) System based on a set of clearly defined quality criteria:
- Global LEI Data Quality Reports: These reports demonstrate the overall level of data quality achieved in the Global LEI System.
- LEI Issuer Data Quality Reports: These reports analyze the level of data quality achieved by the individual LEI issuing organizations.
To clarify the concept of data quality with regard to the LEI population, GLEIF has defined, in close dialog with the LEI Regulatory Oversight Committee and the LEI issuing organizations, a set of measurable quality criteria using standards developed by the International Organization for Standardization (ISO). These include criteria such as the completeness, comprehensiveness and integrity of the LEI data records. Instituting a set of defined quality criteria establishes a transparent and objective benchmark to assess the level of data quality within the Global LEI System.
The GLEIF data quality program allows the quality of the LEI data pool (the publicly available information on legal entities identifiable with an LEI) to be monitored, assessed and further optimized. As a result, users across the global market place can easily identify, and benefit from, the continuously increased reliability and usability of the LEI population.
Continuous optimization of data quality
To recap: The process of maintaining LEI data quality starts with the registering entity. Through self-registration, the registering entity must supply accurate LEI reference data. The LEI issuing organization (also referenced as ‘Local Operating Unit’) must then verify the LEI reference data with the local authoritative source – a national Business Register, for example – and issue an LEI compliant with the LEI standard.
Once a legal entity has obtained an LEI, it will be published together with the related legal entity reference data by the Local Operating Unit that has issued the LEI. Each Local Operating Unit publishes daily an updated file including all LEIs it has issued and related reference data. The ‘Common Data File Format’ defines how LEI issuing organizations report their LEI and LEI reference data. GLEIF has published the Global LEI Index, which provides information, also updated daily, on all LEIs issued to date.
Using software developed by GLEIF, the LEI data records made available by the LEI issuing organizations are checked daily against the defined quality criteria. These checks identify, for the time being, whether the data records are consistent and plausible. Also on a daily basis, GLEIF sends a report detailing the results of the performance assessment to the LEI issuing organizations.
In addition, GLEIF has developed a methodology to score the level of LEI data quality. The ‘LEI Total Data Quality Score’ represents the percentage of all LEI data records that successfully passed checks performed to identify whether the records meet the defined quality criteria during the reporting period. The checks performed by GLEIF are detailed in the document ‘Data Quality Rule Setting’ (available here). With a view to continuously improving the GLEIF data quality management program, the checks are further refined on an ongoing basis. For each report, the quality of the LEI data pool is assessed by applying the checks as set out in the latest version of the document ‘Data Quality Rule Setting’.
To obtain detailed information on the applicable quality criteria including their definitions, checks performed and the methodology used to derive the LEI Total Data Quality Score, please refer to the GLEIF website pages entitled ‘Questions and Answers’ and ‘Supporting Documents’. Going forward, the GLEIF data quality management program will continue to evolve by gradually implementing previously defined quality criteria and corresponding controls.